# Competitiveness / Price Adjustment Within Unions

| Union | Dep. Var | Z_1_dev |  | N | R² |
|---|---|---|---|---|---|
| EMU | rgdp_growth_dev | -0.810 | (11.233) | 477 | 0.151 |
| EMU | inflation_dev | 6.831 | (6.859) | 477 | 0.019 |
| EMU | productivity_growth_dev | 0.399 | (10.101) | 477 | 0.054 |
| CFA | rgdp_growth_dev | -55.064** | (26.449) | 791 | 0.063 |
| CFA | inflation_dev | 1.247 | (8.954) | 791 | 0.027 |
| CFA | productivity_growth_dev | 24.351 | (21.818) | 791 | 0.053 |
| EMU | ca_dev | -224.978*** | (24.293) | 477 | 0.419 |
| EMU | ca_dev | -225.655*** | (24.799) | 477 | 0.415 |

*Notes: PanelGLS with country and year FE. _dev variables are deviations from within-union annual means. Controls: fiscal balance, lagged NFA, KAOPEN.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*
